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While the oil market continues to focus on supply/demand fundamentals, these are some key updates that you need to keep a tab on,
- U.S. oil rig count: The United States has already proved to be a major influencing factor in the global oil market as production reached 9.54 million barrels per day before declining sharply over the impacts of Hurricane Nate. However, the production has recovered equally fast and is currently at a record high of 9.68 million barrels per day. To keep a tab on U.S. oil supplies, one needs to keep oneself updated on the numbers of oil rigs operating in the United States. As of latest report, the numbers of operating rigs have risen to 749, the highest level since early October. The numbers of operating rigs have increased 140 percent since bottoming in May last year.
- Venezuela: Venezuela is planning to launch first ever oil backed cryptocurrency to bypass the sanctions imposed by the United States and to find a solution to its staggering debt problem.
- OPEC meeting: Last week, OPEC and participating N-OPEC members extended the current production agreement, until the end of 2018.
- U.S. oil and Asian refiners: According to Reuters, Asian refiners are looking to boost crude imports from the United States and the WTI benchmark is trading at a healthy discount to other global benchmarks such as Brent, OPEC basket, Dubai crude etc.
Key global oil benchmarks:
WTI - $57.7/barrel
Brent - $63.1/barrel
OPEC basket - $61.1/barrel
Urals - $62.2/barrel
Oman - $61.7/barrel
Dubai - $61.1/barrel
Western Canada Select - $40.3/barrel
